Making an Outline of the Presentation Is Optional

question 57

True/False

Making an outline of the presentation is optional.

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Definitions:

Real Accounts

Accounts related to assets, liabilities, and equity that are not closed at the end of the accounting period and are carried forward to the next period.

Nominal Accounts

Accounts that are used in accounting to record expenses, incomes, losses, and gains; these accounts are closed at the end of the accounting period.

Closing Entry

A journal entry made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts.

Debited

An accounting term indicating that an amount has been recorded on the left side of a ledger or account, increasing assets or decreasing liabilities and equity.